AfDB moves to shape Africa’s future

As participants converge in Lusaka for the 51st Annual Meetings of the Board of Governors of the African Development Bank (AfDB) and the 42nd Meetings of the African Development Fund (ADB) Board of Governors, which takes place in the Zambian Capital from May 23 to 27, 2016, the Bank is targeting to shape Africa’s future economy with the creation of about 25 million jobs in 10 years.

In 2015, the Bank Group made loans and grants of about $8.8 billion, a 25 percent increase on 2014.

The AfDB Group also unveiled its new agenda for the continent’s economic transformation – The New Deal on Energy for Africa 2016-2025, the Strategy for Jobs for Youth in Africa 2016-2025, and plan for Africa’s Agricultural transformation.

Zambian President Edgar Lungu formally opened the meetings Tuesday along with his peers from several African countries, Governors of the Bank Group and Central Bank governors and its 8th elected President, Akinwumi Adesina.

However, energy, considered to be the continent’s Achilles’ heel and the central theme of the Annual Meetings –‘Energy and Climate Change’ will be the topmost priority.

It underscores the Bank’s determination to tackle the severe energy deficit in the continent where 650 million people don’t have access to electricity.

These high-level engagements will be preceded by the launch of the African Economic Outlook, an in-depth discussion of the state of African economies in 2016.

Governors, usually Finance or Economy Ministers, representing the 54 African and 26 non-Africa member countries of the Bank Group will review its 2015 operations report and approve its activities and budget for the coming year.

President Adesina is among over 2,700 participants who have arrived in Lusaka for the Bank’s week-long flagship annual event.

These include ministers and other top public and private sector officials, representatives of development agencies and international organisations, diplomats, civil society representatives and the media.

IHEANYI NWACHUKWU